Date Published 21 July 2023
Rightmove has recently revealed that 16 per cent of properties currently for sale were previously available on the rental market. This figure has gone up from 13 per cent before the pandemic. The portal states that in its latest rental market snapshot, a sentiment survey that was filled out showed Landlords facing challenges from multiple directions. Rising taxation and increasing compliance requirements topped the lists of Landlords concerns in the survey by Rightmove. A quarter are also concerned about the rising cost of buy-to-let mortgages.
The data research revealed that the changes to the EPC requirements are worrying the Landlords with lower EPC ratings. Precisely 33 per cent of Landlords who own lower EPC rated properties plan to sell them rather than make improvements to their EPC rating, compared with 20 per cent who planned to sell last year.
Despite these challenges, Landlords value having a good tenant in their home and are determined to keep good tenants for longer. The majority 57 per cent of Landlords say that on average, tenants choose to stay in their properties for longer than 24 months, with only 8 per cent saying they stay for a year or less.
Further information states that the average time to find a new tenant for a home to rent is 17 days, its quickest since November 2022. Tenant demand continues to exceed last year's levels and is currently 3 per cent higher than at this time in 2022 and 42 per cent higher than June 2019.
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